Credit union records growth
CAREFUL stewardship and strong member support contributed to another successful year for the Warwick Credit Union and its members, chief executive officer Lewis von Stieglitz said yesterday.
Speaking ahead of last night’s annual general meeting of members, Mr von Stieglitz said despite “ongoing rumblings” in global financial markets and concerns about some international economies, the credit union recorded “firm growth” in member savings, lending, profitability and community contributions.
He said assets had increased by 11 per cent, the loan portfolio by 7.3 per cent and in a continuing difficult economic climate deposits increased by 12 per cent for the second successive year.
“These increases have helped boost pre-tax profit to more than $700,000, an increase on 2008/09 results,” Mr von Stieglitz said.
“Every dollar earned goes back into the community and to member benefits.
“It is also pleasing to note that average member balances increased over the period, despite the acknowledged difficult economic and financial conditions.
“While often these balances are one-off investments, many are the result of regular deposits over time, with members looking to build stronger financial bases.”
Mr von Stieglitz, who took on the CEO’s position in July, said lending also remained strong with more than $45 million worth of loans funded and with a “strong focus on ensuring the quality of our loan portfolio was maintained”.
“Residential housing made up about 77 per cent of total loans funded in the last financial year,” he said.
“Seven per cent went to personal lending and the balance to commercial and rural lending.
“Overall, to achieve such growth in loans, deposits and assets in an economic period which can only be described as one of the most difficult in recent times, is an outstanding effort.”
The Warwick Credit Union celebrates its 40th birthday this year, with major renovations to its Palmerin Street headquarters due to be opened next month.
Other WCU highlights ...
Initial Warwick Credit Union Foundation grant to assist the Warwick Historical Society remodel the appearance of the Pringle Cottage historical precinct.
Increased enhancements to electronic fraud monitoring system.
Internet banking transactions continued to grow with online banking channel heavily utilised.